Councils to Lose Millions

**AndyGambles** · 9th October 2008

See the news this mornign that many councils had vast sums of money in Icelandic banks.

We are talking millions!

BBC NEWS | Politics | Councils seeking Darling meeting

**Karl** · 9th October 2008

Yup, saw it on C4 news last night as I was channel hopping, some councillor trying to explain the problem away.

**James[UH]** · 9th October 2008

Keeps getting worse for Brown Pants and Slug Eyes.

Some of the sums these councils have lost will surely mean council tax rises or service cuts for the areas?

**Karl** · 9th October 2008

More than likely, they'll not cut back on their expenses or serious inefficiencies. They've been "loosing" millions for years with nothing to show for it, just not quite in the same way.

**[inx]Olly** · 9th October 2008

It's almost farsical how this stuff ends up happening...

**James[UH]** · 9th October 2008

Christ, BBC is now saying 74 local authorities have deposits with Icelandic banks.

There are 410 LA's in England and Wales, according to a quick Google anywho.

**administrator** · 9th October 2008

Now we half know why council tax is so high heh. They can't even spend it all.

**JonWitte** · 9th October 2008

From the Beeb:
* Kent County Council - £50 million
* Dorset County Council - £28.1 million
* Hertfordshire - £28 million
* Somerset County Council - £25 million
* Northumberland County Council - £23 million
* Hillingdon Council - £20 million
* Barnet Council- £27 million
* Westminster Council - £17 million
* Brent - £15 million
* Plymouth City Council £13 million
* Breckland Council - £12 million
* Havering Council - £12.5 million
* West Sussex - £12.9 million
* Gloucestershire County Council - £12 million
* Cheltenham Borough Council - £11 million
* Lancashire County Council - £10 million
* Wakefield - £9 million
* West Oxfordshire District Council - £9 million
* Wyre Forest District Council - £9 million
* Cheshire County Council - £8.5 million
* Bassetlaw District Council - £8 million
* Bristol City Council - £8 million
* Daventry District Council - £8 million
* Wiltshire County Council - £8 million
* South Lanarkshire Council - £7.5 million
* Derwentside District Council - £7 million
* West Lindsey District Council - £7 million
* Cherwell District Council - £6.5 million
* Redcar and Cleveland Council - £6 million
* Ceredigion - £5.5 million
* North Lincolnshire Council - £ 5.5 million
* Sutton Council - £5.5 million
* Braintree District - £5 million
* Buckinghamshire - £5 million
* Cornwall County Council - £5 million
* Exeter City Council - £5 million
* Ipswich Borough Council - £5 million
* Oxfordshire County Council - £5 million
* South Ayrshire - £5 million
* Wokingham Borough Council - £5 million
* Gateshead Council - £4.5 million
* Oxford City Council - £4.5 million
* Colchester Borough Council - £4 million
* East Lindsey District Council - £4 million
* East Staffordshire Borough Council - £4 million
* Powys Council £4 million
* Flintshire Council - £3.7 million
* North Somerset - £3 million
* Rhondda Cynon Taff Council - £3 million
* Solihull Council - £3 million
* Stroud - £3 million
* North East Lincolnshire Council - £2.5 million
* South Oxfordshire District Council - £2.5 million
* Cotswold District Council - £2 million
* Gloucester City Council - £2 million
* Great Yarmouth - £2 million
* Monmouthshire Council - £1.2 million
* Hertsmere Borough Council - £1 million
* Kirklees Council - £1 million
* Perth and Kinross Council - £1 million
* Tewkesbury Council - £1 million
* Vale of White Horse District Council - £1 million
* Winchester - £1 million
* Bracknell Forest - TBC
* Burnley Council - TBC
* Chorley Council - TBC
* North Ayshire - TBC
* Nottingham City Council - TBC
* Surrey County Council - TBC
* Wychavon District Council - TBC

Other affected bodies

* Transport For London - £40 million
* Metropolitan Police - £30 million
* Dorset Police Authority - £7 million
* Sussex Police Authority - £6.8 million
* Hertfordshire Police Authority - £3 million
* Gwent Police Authority - £1 million

**BPWEB** · 9th October 2008

Not sure it’ll be that bad, kent have budget of 2 billion so 50 million missing can probably be absorbed without rises, its not good but sounds a lot worse then it is only being about 2.5% of the budget.

**- Tim** · 9th October 2008

I'm the only one that wants to know why the hell the money is in banks in Iceland ???

**James[UH]** · 9th October 2008

Originally Posted by FH - Tim

I'm the only one that wants to know why the hell the money is in banks in Iceland ???

Because they offered the best interest rates, the very same reason half a million British people used them.

**Karl** · 9th October 2008

Correct, and councils are always complaining of short-falls etc. so at a guess they were just trying to make their £2m in to £2.1m and make it go a bit further on their expenses claims.

**- Tim** · 9th October 2008

Well simple make it so that councils can only keep their money with British banks to avoid things like this. The councils have a lot of money, they just waste too much, getting 1 percent more interest a year isn't going to make a tiny bit of difference.

**JamesSykes** · 9th October 2008

Originally Posted by FH - Tim

Well simple make it so that councils can only keep their money with British banks to avoid things like this. The councils have a lot of money, they just waste too much, getting 1 percent more interest a year isn't going to make a tiny bit of difference.

And keeping it in British banks would help how? Who's to say a few won't go the same direction. The government can't bail out everyone.

**burble** · 9th October 2008

They should have invested it in Bradford and Bingley shares like I did. I've got the financial smarts, me.

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